From January 31, OCBC Singapore is set to expand its OCBC Money Lock ‘kill switch’ service to time deposits. This follows its successful implementation for current and savings accounts in November 2023. The enhancement is a response to growing concerns over digital security threats, such as malware and phishing, which have become prevalent in the online banking space.
This feature enables customers to restrict digital access to their accounts while continuing to earn interest on their deposits. Since its launch, OCBC Money Lock has seen significant engagement, with over 30,000 customers utilising the feature for upwards of 33,000 accounts. The total amount of funds secured through this service has surpassed S$3.3 billion.
The extension of OCBC Money Lock to time deposits coincides with the Lunar New Year, a period traditionally marked by an uptick in such deposits. Data from the previous year indicated a notable increase in time deposits during the first quarter, significantly outnumbering those in the second quarter.
The rationale behind this security enhancement is the vulnerability of digital banking functionalities to fraudulent activities. Scammers frequently exploit digital channels to withdraw or modify the instructions of time deposits. OCBC Money Lock seeks to counter this by necessitating in-branch verification, for any alterations or withdrawals from time deposit accounts.
Commencing January 31, customers will have the facility to unlock their time deposit accounts at OCBC branch ATMs, with a further expansion to all OCBC ATMs across the island slated for the end of February 2024. This unlocking process will require a physical card and PIN, akin to the procedure for current and savings accounts. Importantly, the unlocking of time deposit accounts will not be feasible via the OCBC Digital app or OCBC Internet Banking, thereby adding another layer of security.
The usage demographics of OCBC Money Lock spans various age groups and income levels, indicating its appeal across a wide customer base, with a substantial proportion of users opting to secure larger sums. This indicates a prudent approach by customers towards their digital banking security, safeguarding larger amounts while keeping necessary funds readily accessible.
Beaver Chua
Beaver Chua, OCBC’s Head of Anti-Fraud, Group Financial Crime Compliance, remarked on the adoption of OCBC Money Lock,
“We are encouraged by the current take-up of OCBC Money Lock by our customers to safeguard their funds… With the roll out of OCBC Money Lock for time deposits, customers have an added assurance that their hard-earned savings put in a time deposit account will be safe, even if scammers gain unauthorised access to their bank accounts digitally through phishing or malware scams.”
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- Source: https://fintechnews.sg/84179/virtual-banking/ocbc-enhances-digital-security-extends-ocbc-money-lock-to-time-deposits/
